Iceni Gold Upsizes Capital Raising to Accelerate 14 Mile Well Exploration

An announcement from Iceni Gold Ltd. ( (AU:ICL) ) is now available.

Iceni Gold has increased the size of its recently announced capital raising after securing further support from a large shareholder, lifting total placement commitments to $1.76 million before costs. The upsized funds will be used to accelerate exploration at the 14 Mile Well Gold Project, including a maiden reverse circulation drilling program at the Goose Well prospect and work at Everleigh-Tatong, with additional early-stage activities planned over the Laverton South package.

The placement will see the issue of 58.6 million new shares and 29.3 million attaching options to institutional, professional and sophisticated investors, partly under existing placement capacity and partly subject to shareholder approval. Management signals that the expanded exploration program across four key prospects at 14 Mile Well and the Laverton South ground is expected to generate substantial news flow over the next six months, underscoring the company’s push to advance its gold discovery potential in the Eastern Goldfields.

The most recent analyst rating on (AU:ICL) stock is a Sell with a A$0.03 price target. To see the full list of analyst forecasts on Iceni Gold Ltd. stock, see the AU:ICL Stock Forecast page.

More about Iceni Gold Ltd.

Iceni Gold Ltd. is an Australian gold exploration company listed on the ASX and focused on its 14 Mile Well Gold Project in the Leonora-Laverton district of Western Australia. The company is advancing multiple prospects within this flagship project, while also beginning initial work on its Laverton South tenement package in a highly active Eastern Goldfields region.

Average Trading Volume: 190,967

Technical Sentiment Signal: Sell

Current Market Cap: A$13.41M

For a thorough assessment of ICL stock, go to TipRanks’ Stock Analysis page.